Becton Dickinson

Pricing power varies. Commodity disposables (syringes, needles, IV catheters) are price sensitive yet partially offset by BD’s reliability and scale.

Higher pricing power appears in Pharmaceutical Systems (prefillables/self-injection) with deep regulatory lock-in and long contracts; medication management platforms (Pyxis, Alaris) and Advanced Patient Monitoring carry software, analytics, and consumable attachment that enable moderate price increases over time.

Headwinds include China VBP and tariff impacts highlighted in FY25, and research spending softness in Life Sciences (partly addressed by the planned Waters RMT). We view latent pricing power improving as the portfolio skews further to smart, integrated systems and drug delivery, but we remain conservative until post-RMT metrics season.